If I can get a same-spec EC2 instance at AWS for just 2x the price of a Hetzner box, I would never consider Hetzner. It had to be a "10x savings".
Hetzner just achieved their pricing by using commodity consumer hardware.
This is now making them the canary, as they don't have the multi year business contacts the others have - so they're uniquely vulnerable to the current consumer hardware price increase.
But the rest will follow, unless the bubble burst, which is unlikely to happen before the others increase their costs, too